As part of our Expert Q & A series we asked an fascinating group of dynamic business owners "What's your most successful business building method?" The results are inspiring and practical.
Learning from business owners with year of experience can make the difference between success or failure for not just startup businesses.
Each business owner is given the opportunity to share a core lesson they have learnt about the essence of business building and what it takes to succeed.
Be sure to share with us on Facebook and Twitter your ideas on what it takes to successfully build a business.
Successful Business Building Ideas
Find out what is making the difference for savvy business owners and connect with them online.
The most critical element of a successful business is knowing your audience. Not just their role in business, but a deep understanding of who they are. What do they read? Where do they hang out with friends? What drives them?
Once I created a detailed mental picture of my ideal client, it made it much easier to determine where my marketing efforts should be focused.
I was able to engage my audience more deeply and accept or decline opportunities, events, meetings and projects accordingly.
This has set me apart from my competitors and helped me attract the kind of clients I’m passionate about working with.
Sarah is a marketing copywriter who helps brands tell their stories through powerful content, including websites, social media, blogs, newsletters, e-books, articles and advertising.
Over the past 12 years, she has helped businesses of all sizes grow their brand with SEO copywriting and content marketing across the tourism, non-profit, healthcare, B2B and consumer lifestyle industries.
Connect with Sarah online and on LinkedIn, Facebook, Twitter and Google+.
There are 2 key Success Factors:
First, Numbers tell your story.
- Calculate your break even point; the total amount that covers all the basic expenses and costs.
- Select a couple of Key Accountability Numbers (KANs) to track
- Right from the early days set up a method/ process for measuring and tracking them. The habit of tracking your KANs will set you apart right from the beginning.
Second, Systems and processes are critical
- Write processes/ systems for everything you do - you won't always be doing it!
- Focus on what you are good at; Your Key Contribution
- Start to outsource everything that is not Your Key Contribution
Ingrid is a trainer and coach and is passionate about working with business entrepreneurs who want to transform their businesses and disrupt conventional thinking about business systems and outcomes.
Join Ingrid on Facebook and LinkedIn
One of the best tips for building a successful business is this. Make your pricing match the quality of your work.
Did you know that most customers judge the quality of a product by it's price? Seriously! Customers use price as a shortcut to gauge quality.
If you sell cheaply customers will think you are selling a shoddy product. If you sell at a high price they will think it's top quality.
The big mistake we make is selling a good quality product at a cheap price. Customers don't believe they are getting a bargain. If your customer buys a $200 "diamond" ring she will always think the stone is cubic zirconia . So you wouldn't give her a diamond. Agree?!
You might be worried that your sales will fall if you put your price up. Not necessarily.
I know a few businesses whose sales actually increased when prices went up! True! And even if yours do drop a little, you will build a better business selling fewer products at a profitable price than selling lots for not much.
Julia Bickerstaff is the founder of The Business Bakery, a company and a community which helps women make a Healthy Income from their handmade, home based or other intentionally-small business.
Join Julia on LinkedIn, Twitter and Facebook
When building my business, there’s nothing more effective than differentiating myself from my competition with service that goes well beyond expectations. I’m not just referring to the standard stuff.
There’s a lot to be said for face-to-face meetings, time on the phone and an honest approach to the needs of your client.
Quite often, putting the interests of your client first results in talking them into a smaller, less lucrative project - but it will bring you many happy and long lasting relationships, a priceless reputation and some super testimonials that will play their part in building trust with new clients.
Become known for your work and how you treat your clients and you’re onto a business building winner.
Fosca is a true wordsmith, with a passion for helping people build the business of their dreams - through confidence, clarity and awesome content that reflects their personality.
Join Fosca online and on LinkedIn.
I have spent most of my life working in entertainment and ‘business theatre’. At the core of our business is the ability to offer outstanding professional services that go to helping our clients look good, get their messages across and achieve something they may not normally be able to do with their own internal resources at the time.
Building a successful business based on service starts with getting to know what it is that your particular customer really needs to be successful in their own situation.
Once you have established this and built some rapport you then have to examine where your own skills, experience and passions can be applied to satisfy your customer needs.
It’s kind of a unique SWOT analysis for each and every customer that you do business with.
Showvision is a Sydney based boutique, creative production company dedicated to designing and delivering engaging business communications.
Passionate about the art of communications, Victor started his career working and studying behind the scenes of major theatre productions that would fill auditoriums for months on end or stadiums entertaining 10,000 at a time.
The strong disciplines of commercial theatre along with some time spent on notable Australian film productions has provided Victor with valued skills that he now applies to what can only be described as 'business theatre'.
Networking is a crucial tool for building your business. It is important to always be in the mindset of growing your network; you just never know where your next connection will come from.
Nurturing this network is similarly important. Staying in touch with your connections means you will stay at the top of their mind. Keep in touch through social media, email newsletters, picking up the phone or even better, meeting-up in person.
Recognising your connections will build the best relationship so acknowledge their achievements. This can be as simple as liking or sharing their social media posts, exposing them to a wider audience. You connections will appreciate this engagement and return the favour; in turn helping you reach a wider audience.
Maria Bellissimo-Margrin of Belgrin
Maria Bellissimo-Magrin is the founder of the PR agency Belgrin .
The Belgrin team produces the look and feel a business needs to create that crucial first impression, you know, the one that can’t be erased. Our designs, like our communication strategies, tend to be original, vigorous and distinctive, styled to suit the target-market of the client’s choice, whether high end corporate or a more adventurous, small to medium niche.
In the crowded, contemporary market, a company needs to communicate ‘distinct’ and ‘compelling’. Belgrin does just that, and with considerable class.
Join Maria on Facebook and Twitter for the latest news and ideas. Connect with Maria on LinkedIn.
Want to be featured in our upcoming Expert Q & A stories?
We are working on our next Expert Q & A story and would love to hear from you. Just connect with us via email to explore the possibilities.